The Somerset herald. [volume] (Somerset, Pa.) 1870-1936, 1887-05-25

oaighs, limited partnerships, OF corporations
shall pay into the State Treasury within
thirty days, they being allowed 70 sieduefthe
amount of said tax from the interest theraaf
! tor due the holders Of said loans Neglect to
report to the Auditor General AZ required by
the provisions ofthis section entails penalty
of u $50 and fiftY percent addition 10 the
/ tax
| Section four exenpts banks and savings in
siitnliors which shall elec, To pay tax 81
six mills on the actual value Of their shares
from al other taxation. II also authorizes
the Auditor General, in case any bank or
savings Institution shall fail to pay the six
mill tax or report the amount OF capital stock,
with the names and holdings of the several
shareholders, 10 summon the officers of said
bank or savings institution before him, to-
gether with their books and accounts, and
gives him power 10 assess and collect three
mill tax. and transmit his lists and assess
ment to the County Commissioners, TO be
used by them in assessing local taxes against
the delinquent corporations.
Section five directs assessors to furnish all
taxables with the blank forms showing the
different classes of property made taxable
by the first section of the act
Section six requires every taxable person
or officer of a limited partnership bank, or
corporation to whom blank is furnished to
fill out the same in the manner prescribed
and return it with an affidavit that il is true
and correct to the best of his or her knowl-
edge or belief. Any one convicted of making
false or fraudulent return is subject 10 the
penalty attaching to perjury in other cases
The Auditor General is empowered, in case
he shall deem any return fraudulent, 10 set
tie an account against the person. or corpora
ton in question, adding so per cent. To
the tax, which he shall proceed to collect by
law.
minister the oath presribed by the preceding
section.
Section eight provides thai in case any tax
able person or corporation negleets or reius-
es TO make the returns required by Section
six, the Assessor may make such return
upon the best information at his command,
subject 10 correction by the Board of Revis-
ion OF County Commissioners.
Section nine declares any arrangement be-
tween an assessor and taxable person or
corporation, by which the property Of the
latter shall be returned at less than its actual
value, conspiracy, and renders both liable
TO conviction and punishment under the con
spiracy laws.
Section ten forbids the addition of the tax
on money at interest 10 the interest exaeted
from the borrower, and any contract or
agreement to this effect is declared void
Section eleven requires the Recorder Of
Deeds and Mortgages in every county TO
keep a separate daily record of all mortgages
or articles OF agreement to secure the pay
ment of money recorded in his office, togeth-
er with a like record of assignments of mort
cages and of mortgages and agreements that
are satisfied of record, and TO file on the first
Monday ofeach month copy of these rec
ords with the County Commissioners or
Board of Revision of said county.
Section twelve requires the Prothonotary or
Clerk of the Court of Common Pleas in each
county to keep a similar record of all judg-
ments entered of record, as well as Of all judg
ments satisfied and to file the record month
ly with the Commissioners or Board Of Re
vision.
Section thirteen requires the County Com
missioners or Board of Revision Of any coun-
ty, upon obtaining evidence of the existence
of mortgages judgments, or other obligations
within their respective counties owned by
persons or corporations NONRESIDENT or not
having principal office within the county
where the evidences of mortgages or judg-
ments exist, to transmit a record of the same
To the County Commissioners or Board of Re
vision of the city or county in which said
owners reside or have their principal office,
as well as a certificate of all such mortgage
or obligations that are satisfied of record.
Section fourteen directs the County Com
missioners or Board Of Revision to furnish
statements to the Assessors of the townships
and wards of their respective cities or eoun-
ties at or before the time OF making the an
nual or triennial assessments. showing tie
mortgages and other obligations Of record
owned and held by the taxable residents of
each township and ward
Section fifteen directs the Assessors to COM
pare the aforesaid statements with the per-
sonal return made under oath by each taxa
BILE, and if the obligations of record shall ex-
ceed the amount set forth in the personal re-
turn To note the fact and make return of the
same to the Commissioners or Board of Re
vision Of the proper city or county.
Section sixteen makes it the duty of the
County Commissioners or Board of Revision,
in all cases where taxable persons or corpo-
rations return a less amount of money at in
terest than appears upon the records, to raise
the valuation to correspond with the record,
and notify the persons interested of the in
crease, together with the time and place al
which appeals will be heard,
Section seventeen makes any failure ON the
part of the Commissioners, Board of Revis-
ion. Assessors Recorders of Deeds, Prothon-
otaries. and Clerks of Courts To carry out the
foregoing provisions a misdemepnor punish
able by a fine of not less than five hundred
dollars.
Section eighteen directs the Auditor Cen
eral to furnish County Commissioners and
Boards of Revision with the necessary books,
blanks, end papers to carry this act into eff
feet
Section nineteen requires the taxes impos-
ed under the first section of this act to be paid
into the State Treasury ON or before the sec
ond Monday of August of each year.
Section twenty requires each national
bank within the Commonwealth to make q
report in writing on the first day of March
each year of the full number of shares OF
stock issued by said bank and the eactual val
ne, upon which they shall be required to pay
a. tax of three mills, under penalty of an ad-
ditional tax of 80 per cent. if false or fraud-
ulent report is furnished,
Section twenty-one requires elch limited
partnership, bank, or corporation hereafter
organized under any law of this Common
wealth, or any other State aud doing bust
ness in this Commonwealth, 10 furnish the
Auditor General with statement showing
the name of the institution, date of ineorpo-
ration, place OF business, posi-office address,
the names of the president, chairman, secre-
tary and treasurer or cashier, the amount of
capital authorized by the charter, and the
amount of capital paid into the treasury 1t